Norwegian seismic oil and gas explorer TGS cut its full-year revenue guidance and said it would lay off 10 per cent of staff after crude oil prices halved.

TGS, which scans for oil and gas deposits, said its market had weakened and the low crude price could mean further worsening as some energy firms have still not yet finalised their 2015 spending plans. TGS now sees full-year revenue at around $630 million, below previous guidance for $750 million and down almost a third from last year’s $915 million. In the first quarter, revenue fell 23 per cent to $172 million.

It did not given an operating profit target but said the figure would be negatively affected by lower revenue. The firm said it would cut 10 per cent of its workforce in April and expects to reduce costs by $10 million through various measures.

–(Reuters)